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Andrew HeiskellAndrew Heiskell
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Session:         Page of 824

Heiskell:

Well, these days--no, there haven't been any crooks that I know of. That I know of! [laughter].

Q:

But I mean, have some advisory firms performed much better than others?

Heiskell:

I guess the answer is that we don't think the advisory firms performed well because we practically have given up on advisory firms.

Q:

You mean, with forming the management corp.

Heiskell:

No, at the beginning, as I said, we had the management corporation, and we had four or five outside advisors investing 25 or 50 million dollars each for us. The answer is: we don't have them anymore.

Q:

We started, we got into this financial conversation, because you started off by talking about what where some of the key problems that you've had to deal with through the years, and of course, this was the co-generation plant. What were some of the other problems?

Heiskell:

Well, we were strapped, financially, really, in the 1970s, as were all universities. And we had to do two things. One, increase tuition, enormously. And two, really live off the backs of academe. And the academics real income probably dropped 15 to 20% during the seventies. And with all this inflation, we had to



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